Iran's frozen overseas assets: $15 billion held in Iraq

WASHINGTON, United States — A memorandum of understanding signed between the United States and Iran on June 17 has revived debate over Iranian funds frozen abroad. Article 11 of the agreement calls for lifting restrictions on Iran's own money and assets, though it remains unclear whether the deal covers larger holdings outside the United States. Tehran has put the value of its frozen assets at no less than $100 billion, though some experts say the real figure may be far lower. The Wall Street Journal reported that Iran is seeking the phased release of an initial $24 billion. China is estimated to hold between $20 billion and $50 billion in Iranian funds, access to which has been blocked by U.S. sanctions. In Iraq, roughly $15 billion has accumulated from Iranian electricity and natural gas imports, and the balance has been left in limbo after Washington recently suspended payment authorizations. India and South Korea each hold about $7 billion in blocked Iranian funds, with part of the South Korean sum transferred to Qatar as part of a U.S.-Iran prisoner exchange. An additional $12 billion in Iranian assets is estimated to be held in Japan, Luxembourg, Oman and Qatar. Iran's economy, already weakened before the war by high inflation, negative growth and a currency crisis, faced nationwide protests in December after the collapse of the rial. No further details on the implementation of the memorandum were immediately available.